These unfunded liabilities are not a big problem. We have 40 or 50 years to recoup the money through investments. A person who owes $400,000 on a mortgage wouldn't say, 'Oh, my God, we're doomed,' because they know they have 30 years to pay it off.

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To politicians who say we're in such a bind now, you have to look at what the politicians did. The reason they can't afford these plans is that in many cases they enjoyed pension holidays, and now they have to catch up.

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